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Prestwick-3

Old 9th Jan 2021, 13:37
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Prestwick-3

That's the 2019/2020 accounts available from the airport website.

​​​​https://www.glasgowprestwick.com/cor...and-reporting/

The Hypnoboon is offline  
Old 11th Jan 2021, 10:06
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Thanks for the heads up, I look forward to reading those in full later. After a quick glance though, passenger and freight revenue are unchanged, but with a massive uptick in fuel sales, presumably form more transit traffic. Good news short term, but that kind of business can easily switch to another airport at any point. Does anyone know how long the contract with the USAF is due to run?

Hopefully the profits can be invested wisely to help grow other aspects of the business to provide a more stable base in future.
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Old 11th Jan 2021, 10:59
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Search this (https://cis.energy.dla.mil/ipcis/Ipcis) for Prestwick and it appears that a new contract was in place from 1st May 2020 continuing to 30th September 2024. Downloading the spreadsheet and ranking the airports by contract value shows Prestwick to have the ninth-largest contract by value. That said, there has been a marked reduction in USAF transit traffic since the beginning of the pandemic with a consequent reduction in fuel sales. On the other hand, there has been between three and five USN P8s temporarily based since mid-November who are presumably covered by the fuel contract.
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Old 11th Jan 2021, 11:45
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Good to see the airfield returning to profit in 2019-20 (5.5m) although like all aviation related businesses the impact of Covid-19 will not be fully felt within these accounts and the 2020-21 figures will be more telling as to future prospects. However there are some positive noises coning from the directors as to the future but time will tell. The following quote from the report regarding the potential sale is worthy of note. . "The coronavirus pandemic continues to have a devastating impact on global aviation, creating challenging circumstances for all businesses operating in the sector. However, despite this the business remains in a strong financial position and an attractive asset and during the past few months have received notes of interest from potential buyers and investors." Let's see what pans out but well done to the PIK Management on the results for 2019-20. They have been maligned at every opportunity by sections of the press and other commentators but they have kept the old lady afloat. I still think the PAX operation is holding the airfield back but let's see what pans out.
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